A good question that came up with a coworker of mine at Martin Brinkerhoff' Associates.
If an environment artist is strapped for time, perhaps very invested in providing a wide-range of styles, and still can polish, would a series of dioramas instead of a WHOLE level be just as effective for an environment portfolio piece to you as an art director/art producer/ etc? Same breakdowns, same work process, just by volume not a whole playable level.
What I mean by diorama and the scale at which I'm thinking:
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This comes to mind, as a solid example of what you'd want to shoot for.
Literally what Geezus posted, Scott Homer's work on his diorama scene comes to mind.
Also it allows you to focus the viewer better. A good read on that topic is:
http://www.cgsociety.org/index.php/CGSFeatures/CGSFeatureSpecial/phil_straub_composition_tutorial
Obviously but it takes some serious dedication to your work to make a bigger environment, it just because it's big doesn't mean it have to be half-assed or rushed.